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4-Traders Homepage  >  Equities  >  Nasdaq  >  Century Casinos, Inc.    CNTY

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CENTURY CASINOS : Sells South African Casino Properties

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12/22/2008 | 03:30pm CEST

COLORADO SPRINGS, Colo., Dec. 22 /PRNewswire-FirstCall/ Century Casinos, Inc. (Nasdaq: CNTY; Vienna Stock Exchange) announced today that its subsidiary Century Resorts Limited has entered into an agreement to sell all of the outstanding shares of Century Casinos Africa (Pty) Limited (CCA).

The total selling price is based on an enterprise value of ZAR 460 million (approximately $48 million), which is estimated to result in net proceeds of approximately ZAR 357 million (approximately $37 million), and is payable on the closing date. The purchase price has been guaranteed by the purchaser's parent.

CCA owns and operates The Caledon Hotel, Spa & Casino near Cape Town, South Africa, as well as 60% of, and provides technical casino services to, Century Casino Newcastle, in Newcastle, South Africa. CCA has reported an average annual consolidated EBITDA of ZAR 54 million over the last three years and generated 32% of the Company's total annual net operating revenue.

The purchaser is Tsogo Sun Gaming (Pty) Limited, a wholly owned subsidiary of Tsogo Sun Holdings (Pty) Limited, which is a subsidiary of Hosken Consolidated Investments Limited (HCI), listed on the Johannesburg Stock Exchange, and SAB Miller, listed on the London Stock Exchange. Tsogo Sun Gaming is a prominent casino and hotel resort owner and operator in Southern Africa with five casinos and a portfolio of 82 hotels in eight countries.

The closing of the transaction is subject to certain conditions including, but not limited to, regulatory approvals, and is expected to be completed in the first half of 2009. The agreement also includes customary warranties, indemnifications and representations.

About Century Casinos, Inc.:

Century Casinos, Inc. is an international casino entertainment company that owns and operates the Womacks Casino and Hotel in Cripple Creek, Colorado, the Century Casino & Hotel in Central City, Colorado, the Century Casino & Hotel in Edmonton, Alberta, Canada, and the Century Casino Millennium in the Marriott Hotel in Prague, Czech Republic. The Company also operates casinos aboard the Silver Cloud and the vessels of Oceania Cruises and has an agreement to operate the casinos on all vessels (estimated to be three) put into service by TUI Cruises before December 31, 2012. Through its subsidiary Century Casinos Africa (Pty) Limited, it owns and operates The Caledon Hotel, Spa & Casino near Cape Town, South Africa, as well as 60% of, and provides technical casino services to, Century Casino Newcastle, in Newcastle, South Africa. Furthermore, the Company's Austrian subsidiary, Century Casinos Europe GmbH, holds a 33.3% ownership interest in Casinos Poland Ltd, the owner and operator of seven full casinos and one slot casino in Poland. The Company continues to pursue other international projects in various stages of development.

For more information about Century Casinos, visit our website at http://www.centurycasinos.com. Century Casinos' common stock trades on The NASDAQ Capital Market(R) and the Vienna Stock Exchange under the symbol CNTY.

This release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K filed on March 17, 2008 and under Part II. Item 1A in our Quarterly Report on Form 10-Q filed on November 10, 2008. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.

SOURCE Century Casinos, Inc.

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